What were the operating expenses for Goldfish Swim School in 2023?
Goldfish_Swim_School Franchise · 2025 FDDAnswer from 2025 FDD Document
ystematic basis over the period in which the Company recognizes as expenses the related costs for which the grant is intended to compensate. The Company elected to record the PPP loan forgiveness as grant income separately from the related expenses in nonoperating income (expense) and the ERC as a reduction of operating expenses.
Management has determined it is probable the Company met the eligibility conditions for the ERC, including having operations suspended to comply with a government order related to COVID-19 and incurring eligible payroll expenses. For the years ended December 31, 2022 and 2021, the Company recognized approximately $115,000 and $92,000, respectively, under the ERC as a reduction of expenses. The ERC did not have any impact on the consolidated statement of operations for the year ended December 31, 2023.
The Company's ERC claim is subject
Source: Item 22 — CONTRACTS (FDD pages 76–77)
What This Means (2025 FDD)
Based on the 2025 Goldfish Swim School Franchise Disclosure Document, information regarding the specific operating expenses for 2023 is not available. However, the FDD does mention the Employee Retention Credit (ERC). For the years ended December 31, 2022 and 2021, Goldfish Swim School recognized approximately $115,000 and $92,000, respectively, under the ERC as a reduction of expenses. The ERC did not have any impact on the consolidated statement of operations for the year ended December 31, 2023.
While the ERC information provides some insight into expense management, it does not detail the overall operating expenses. The document also notes that the company's ERC claim is subject to review by the Internal Revenue Service (IRS), which could lead to adjustments and potential liabilities.
A prospective franchisee should inquire directly with Goldfish Swim School about the specific operating expenses incurred during 2023 to gain a comprehensive understanding of the financial performance of the franchise. Understanding these expenses is crucial for assessing the potential profitability and financial viability of a Goldfish Swim School franchise.